Oil is set for its biggest weekly loss since November, taking a breather after a period of wild trading and a surge in prices that followed Russia’s invasion of Ukraine.
Futures in New York climbed near $107 a barrel on Friday, but are still down more than 7% this week after the market was rocked by news of the U.S. ban on Russian oil imports and what looked to be the first signs of OPEC+ disunity. In two of the four trading sessions this week, Brent crude has swung by the most on record — with intraday swings eclipsing $20 a barrel.
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